Universal Display and LG Display Co., Ltd. announced the signing of a new OLED Technology License Agreement and Supplemental Material Purchase Agreement. The agreements run through Dec. 31, 2022.

The announcement builds on a long-term relationship between the two companies. Under the license agreement, Universal Display has granted LG Display non-exclusive license rights under various patents owned or controlled by Universal Display to manufacture and sell OLED display products.

In consideration of the license grant, LG Display has agreed to pay Universal Display license fees and running royalties on its sales of these licensed products over the term of the agreement. Additionally, Universal Display will supply phosphorescent materials to LG Display for use in its licensed products.

“We are excited to enter into these agreements with our long-term partner LG Display, a global technology innovator who is leading the charge for OLED TVs, evidenced by its recent CES showcase of new 4K models ranging from 55”, 65” and 77” in flexible, curved and flat form factors,” said Steven V. Abramson, president and CEO of Universal Display. “The growth of our relationship demonstrates the continued acceptance of our OLED technology and phosphorescent materials by the display industry for cutting-edge, high performance, energy-efficient commercial OLED displays. We look forward to the continued collaboration in support of LGD’s advancements in expanding the thriving OLED product roadmap, including the advent of new form factors that redefine what a display can and will be.”

“This is a win-win partnership for both companies. We expect this strategic alliance with Universal Display will bring synergies in accelerating the growth of OLED technology, and based on strengthened OLED business, LG Display is committed to deliver differentiated products to customers and the market,” said Sang Deog Yeo, president and head of OLED business unit of LG Display.